2012 Census of Governments: Finance State and Local Government Summary Report

Transcription

1 2012 Census of Governments: Finance State and Local Government Summary Report Economy-Wide Statistics Briefs: Public Sector By Jeffrey L. Barnett, Cindy L. Sheckells, Scott Peterson, and Elizabeth M. Tydings December 17, 2014 G12-CG-ALFIN INTRODUCTION This report is part of a continuing series designed to provide information on the structure, function, finances, and employment of our nation s over 90,000 state and local s. The U.S. Census Bureau produces data quinquennially as part of the Census of Governments for years ending in 2 and 7. Additional statistics are produced annually and quarterly during the intercensal period from data collected in sample surveys. These surveys provide a wealth of information on state and local employment and financial activity. For Census Bureau statistical purposes, a is defined as an organized entity subject to public accountability, whose offcials are popularly elected or are appointed by public offcials, and which has suffcient discretion in the management of its affairs to distinguish it as separate from the administrative structure of any other unit. This report presents data on state and local finances based on information collected from the 2007 and 2012 Census of Governments: Finance Surveys of State and Local Government Finances. The 2007 and 2012 surveys cover the following finance activities: revenue by source, expenditures by character and function, indebtedness by term, and cash and security holdings by purpose. Unless otherwise noted, data in this report refer to fiscal years that ended between July 1, 2006, and June 30, 2007 (FY 2007), and July 1, 2011, and June 30, 2012 (FY 2012). The majority of state s (46 of 50) have a consistent fiscal year running from July 1 through June 30; however, four DID YOU KNOW? From 2007 to 2012, two major contributors to the decline in total revenues for state and local s were employee retirement revenue, dropping 67.7 percent, from $533.3 billion to $172.0 billion, and interest earnings, falling 44.6 percent, from $91.9 billion to $50.9 billion. Finances. state s have a different fiscal year (Alabama and Michigan September 30; New York March 31; and Texas August 31). Not all dependent agencies of a necessarily share a fiscal period that coincides with the central state. Totals for an individual, in those instances, are the summation of finances for all agencies with a fiscal period ending between July 1, 2006, and June 30, 2007 (FY 2007), and July 1, 2011, and June 30, 2012 (FY 2012). 1 Government financial data are presented in four broad activity sectors: general, utilities, liquor stores, and insurance trust activities. The general sector includes all revenue and expenditure activities that are consistent with functions, such as public safety, education, health, and welfare. These activities are distinct from business-like activities presented in the remaining three sectors. The utility sector includes water supply, electric power, gas supply systems, and transit facilities owned and operated by s or operated under 1 Throughout this report, all references to years (i.e., 2007 or 2012) refer to fiscal years. U.S. Department of Commerce Economics and Statistics Administration U.S. CENSUS BUREAU census.gov

2 contract by a private firm, while the maintains day-to-day financial oversight. The liquor store sector includes dispensaries operated by 17 state s and by local s in five states. 2 The insurance trust sector includes publiclyfunded retirement systems for public employees and specified social and life insurance programs, such as unemployment compensation, workers compensation, federal social security, and state medical and disability funds. 3 STATE AND LOCAL GOVERNMENT FINANCES SUMMARY The state and local data from 2007 to 2012 show increases in revenue for federal interal revenue (25.7 percent to $584.5 billion), taxes (8.2 percent to $1.4 trillion), and current charges (21.6 percent to $426.8 billion). Miscellaneous revenue declined by 14.1 percent to $198.6 billion, due to a decrease in interest earnings of 44.6 percent to $50.9 billion. Expenses increased most notably in the insurance trust expenditure category, which grew 62.0 percent to $346.5 billion, due largely to an increase in unemployment compensation expense of percent to $95.6 billion. Total debt outstanding increased 22.2 percent to $2.9 trillion, while cash and security holdings declined 1.7 percent to $5.3 trillion. Revenues and expenditures comprise actual receipts and payments of a and its agencies (net of correcting transactions and recoveries or refunds), including -operated enterprises, utilities, and public trust funds. Transactions excluded as revenue or expenditure are debt issuance and retirement, loans and investments, agency and private trust transactions, and internal transfers between funds of a. Aggregates for groups of s exclude interal transactions between the s involved. State and local revenues decreased 1.1 percent, from $3.1 trillion in 2007 to $3.0 trillion in 2012 (see Figure 1). The decrease was driven in part by insurance trust revenue, which decreased 53.8 percent in 2012, from $596.7 billion, in 2007, to $275.4 billion. State and local 2 The state s with liquor store operations are Alabama, Idaho, Iowa, Michigan, Mississippi, Montana, New Hampshire, North Carolina, Ohio, Oregon, Pennsylvania, Utah, Vermont, Virginia, Washington, West Virginia, and Wyoming. The local s with liquor store operations are in Alaska, Maryland, Minnesota, North Carolina, and South Dakota. 3 For more information, please refer to the Government Finance and Employment Classification Manual at <www2.census.gov/govs /pubs/classification/2006_classification_manual.pdf>. general revenues totaled $2.6 trillion in The major shares of general revenue for state and local s were taxes (53.4 percent), federal support (22.5 percent), current charges (16.4 percent), and miscellaneous general revenue (7.7 percent) (see Figure 2). State and local general revenue from their own sources increased 7.9 percent, from $1.9 trillion in 2007 to $2.0 trillion in Expenditures increased 18.2 percent to $3.2 trillion for state and local s from 2007 to Education and public welfare comprised 43.0 percent of total state and local expenditures, accounting for 27.6 percent and 15.4 percent, respectively. During the same time period, state and local indebtedness increased 22.2 percent, from $2.4 trillion to $2.9 trillion, with local s accounting for 61.1 percent of the total of state and local debt outstanding. Cash and security holdings of state and local s declined 1.7 percent to $5.3 trillion in 2012, with state s accounting for 69.8 percent of the total and local s accounting for the remainder. Public-employee retirement trust funds comprised the largest source of cash and security holdings at $2.9 trillion. DID YOU KNOW? Individual income tax revenues for state and local s rose 5.9 percent from $290.3 billion in 2007 to $307.3 billion in 2012, while corporate income tax revenue fell 19.6 percent from $61.0 billion to $49.0 billion from 2007 to Finances. STATE AND LOCAL GOVERNMENT REVENUE Taxes Taxes consist of compulsory contributions exacted by s for public purposes, including general revenue and/or regulation. This reporting category excludes employer and employee payments for retirement and social insurance purposes (classified as insurance trust revenue) and special assessments, which are classified as nontax general revenue. From 2007 to 2012, tax revenue increased 8.2 percent to $1.4 trillion. Of the tax categories shown, 2 U.S. Census Bureau

3 Figure 1. State and Local Government Revenues: 2007 to 2012 (Trillions of dollars) Total revenue General revenue Figure 2. Source of State and Local Government General Revenue: 2012 (In percent) Miscellaneous general revenue 7.7 Current charges 16.4 Federal support 22.5 Taxes Finances and intercensal estimates from the Annual Surveys of State and Local Government Finances. corporate tax revenue declined the most at 19.6 percent, from $61.0 billion in 2007 to $49.0 billion in However, individual income tax revenue saw an increase of 5.9 percent, from $290.3 billion in 2007 to $307.3 billion in Taxes represented the largest source of general revenue for both state and local s in 2012, representing 49.0 percent of general revenue at the state level ($799.4 billion) and 40.4 percent of general revenue for local s ($588.8 billion). Among local s, property taxes were most prominent, accounting for $433.0 billion (73.5 percent) of the $588.8 billion in tax revenue received. From 2007 to 2012, property tax receipts increased 15.1 percent from $376.3 billion to $433.0 billion for local s (see Figure 3). For state s in 2012, sales and gross receipt taxes ($378.5 billion) and individual income taxes ($280.7 billion) were most prominent, accounting for 82.5 percent of total state tax revenue ($799.4 billion). As part of the selective sales tax category, motor fuel, alcoholic beverage, and tobacco product taxes were overwhelmingly collected at the state level, Source: U.S. Census Bureau, 2012 Census of Governments: Finance Surveys of State and Local Government Finances. with state s collecting 96.6 percent of the state and local combined total for these categories ($65.5 billion). Motor vehicle license ($24.4 billion) and corporate income taxes ($49.0 billion) were largely a state function, with state s collecting 92.8 percent and 85.3 percent of the respective state and local total. Federal Interal Revenues Federal interal revenues, from 2007 to 2012, increased 25.7 percent from $464.9 billion to $584.5 billion. Federal interal revenue represented 19.3 percent of total revenue in 2012 and 15.2 percent of total revenue in In 2012, local s received 4.8 percent of their general revenue ($1.5 trillion) directly from the federal and state s received 31.5 percent of their general revenue ($1.6 trillion) directly from the federal. It is important to note, however, that a portion of federal support is passed through to the local s; these pass-through funds are not measured separately in our statistics and are instead classified as revenue from the state. Other Revenues The balance of state and local revenue included revenue from current charges, miscellaneous U.S. Census Bureau 3

4 Figure 3. Local Government Property Tax Revenue: 2007 to 2012 (Billions of dollars) Finances and intercensal estimates from the Annual Surveys of State and Local Government Finances. revenue, utility revenue, liquor store revenue, and insurance trust revenue, with current charges being the largest of these other revenues for state and local s at $426.8 billion, followed by insurance trust revenue at $275.4 billion. Insurance trust revenue represented 9.1 percent of total revenue in 2012, compared with 19.4 percent of total revenue in Among the miscellaneous revenue categories, interest earnings declined sharply by 44.6 percent, from $91.9 billion in 2007 to $50.9 billion in Current charges include revenue from entities such as higher education institutions and hospitals. Insurance trust revenue includes public-employee retirement DID YOU KNOW? State and local capital spending on education declined 7.9 percent, from $91.7 billion in 2007 to $84.5 billion in 2012; elementary and secondary education capital spending largely contributed to this decline, falling from $65.5 billion to $51.1 billion from 2007 to Finances. 4 Data users should note that earnings on investments and unrealized gains or losses on cash and security holdings are included as revenue for public-employee retirement systems in Census Bureau statistics. As such, data users should consider market variation when examining statistics on insurance trust revenue and total revenues. systems, unemployment compensation systems, state workers compensation systems, and other state social insurance trusts. STATE AND LOCAL GOVERNMENT EXPENDITURES The expenditure reporting categories comprise all s of money paid out by a and its agencies, with the exception of s for debt retirement and for loan, investment, agency, and private trust transactions. State and local spending increased by 18.2 percent from $2.7 trillion in 2007 to $3.2 trillion in Insurance trust expenditures grew the most of the categories listed at 62.0 percent from 2007 ($213.9 billion) to 2012 ($346.5 billion), led by unemployment compensation, which grew percent to $95.6 billion. Education topped spending ($869.2 billion), followed by public welfare ($485.6 billion), insurance trust expenditures ($346.5 billion), and utilities ($207.0 billion). Public welfare and education were the largest expenditures for state s in 2012 at $433.3 billion and $271.1 billion, respectively. Public welfare includes support of and assistance to needy persons and the administration of such assistance. Vendor payments comprised the largest source of state public welfare spending at $380.7 billion, or 87.9 percent of the total. Figure 4. State and Local Government Select Expenditures: 2007 to 2012 Billions of dollars Elementary and secondary education Public welfare Finances and intercensal estimates from the Annual Surveys of State and Local Government Finances. 4 U.S. Census Bureau

5 Public welfare spending increased at a higher rate of growth (26.2 percent to $485.6 billion) than did spending on elementary and secondary education (5.7 percent to $565.4 billion) for state and local s from 2007 to 2012 (see Figure 4). Insurance trust expenditures ($346.5 billion) are comprised mostly of state expenditures at 87.5 percent of the state and local total. Unemployment expenditures for state s saw the largest increase in this category, increasing percent, from $28.9 billion to $95.3 billion. For local s, education and utility expenditures topped their spending at $598.1 billion and $183.2 billion, respectively. The percentage of spending on education differed for state and local s, with education comprising 18.1 percent of state s direct spending ($1.5 trillion) and 36.3 percent of local s direct spending ($1.6 trillion). Public safety spending (comprised of police, fire, and corrections) was dominated by local s, with the exception of spending on corrections. Local s comprised 86.8 percent of the state and local total spending on police protection ($97.0 billion). Spending on fire protection was an entirely local function ($42.4 billion). State spending comprised 63.4 percent of state and local spending on corrections ($72.6 billion). Utility spending was also dominated by local s, with state and local spending on water supply ($61.2 billion) and gas supply ($7.0 billion) almost entirely conducted by local s, at 99.3 percent and 99.8 percent, respectively. DID YOU KNOW? Public welfare spending for state and local s rose from $384.6 billion in 2007 to $485.6 billion in 2012, or 26.2 percent. In 2012, this represented 15.4 percent of total expenditures. and all its dependent agencies, whether used for public or private purposes. State and local s combined had total debt outstanding of $2.9 trillion in 2012, with the local share of the debt total at 61.1 percent, compared with the state share at 38.9 percent. Total debt outstanding for state and local s increased 22.2 percent, from $2.4 trillion in 2007 to $2.9 trillion in 2012 (see Figure 5). DID YOU KNOW? Unemployment compensation expenses more than tripled, from $28.9 billion to $95.6 billion from 2007 to Source: U.S. Census Bureau, 2007 to 2012 Census of Finances. STATE AND LOCAL GOVERNMENT CASH AND SECURITY HOLDINGS Cash and security holdings ($5.3 trillion) are predominately comprised of public-employee retirement trust funds, which comprised 55.3 percent of the total category. It includes only the cash or security holdings of s, excluding nonfinancial assets such as real or personal property. State and local cash and security holdings decreased 1.7 percent to $5.3 trillion in 2012, with state s representing Figure 5. Census of Governments Comparison (Trillions of dollars) Total revenue Total expenditure Finances. Total debt STATE AND LOCAL GOVERNMENT DEBT State and local debt comprises all interest-bearing short-term credit obligations and all long-term obligations incurred in the name of the Total assets Finances. U.S. Census Bureau 5

6 69.8 percent of the total and local s with 30.2 percent of the total. Insurance trust funds for state and local s decreased 9.3 percent in 2012 from 2007 to $3.0 trillion. In 2012, the largest share of all state cash and security holdings was in public-employee retirement trust funds, which accounted for 65.5 percent of state cash and investments at $2.4 trillion. For local s, public-employee retirement trust funds comprised 31.6 percent of local cash and security holdings at $507.7 billion. SOURCE AND ACCURACY OF THE DATA The 2012 Census of Governments: Finance Surveys of State and Local Government Finances is a census of all 50 state s and over 90,000 local s. As such, these data are not subject to sampling error or any sampling variability. However, users should exercise caution in attempting to draw conclusions from direct comparisons of financial s for individual state and local s. Some states directly administer activities that elsewhere are undertaken by local s, with or without state fiscal aid. The share of sector financial totals contributed by a state, therefore, differs materially from one state to another. The Census Bureau collects state and local finance data by law under Title 13, U.S. Code, Sections 161 and 182. NONSAMPLING ERROR Although every effort is made in all phases of collection, processing, and tabulation to minimize errors, the data are subject to nonsampling errors such as the inability to obtain data for every variable from all units in the population of interest, inaccuracies in classification, response errors, misinterpretation of questions, mistakes in keying and coding, and coverage errors. Response to the sample survey is an important consideration in evaluating the quality of the estimates. While the data records are ultimately from state and local sources, the classification of finances among the different categories is entirely the responsibility of the Census Bureau. Therefore, classification might not reflect the actual classification or presentation as requested by the various state and local respondents or what is presented in a state or local s own financial statements. Although the original sources for finance statistics are accounting records of s, the data derived from them are purely statistical in nature. For instance, the difference between a s total revenue and total expenditure cannot be construed to be a surplus or deficit. 5 The Census Bureau develops these data to measure the economic activity of state and local s in general. The definitions used in Census Bureau statistics about s can vary considerably from definitions applied in standard accounting reports. OVERALL UNIT RESPONSE RATE The unit response rate of the 2012 Census of Governments: Finance Surveys of State and Local Government Finances was 82.8 percent. TOTAL QUANTITY RESPONSE RATE The total quantity response rate (TQRR) was calculated for certain key variables for the nation as a whole. This response rate is computed separately for each key variable by calculating an estimate for the respondents for the key variable and dividing this estimated total by the estimate of the key variables for all units in the sample; the result is multiplied by 100 (Table 1). Table 1. The 2012 Census of Governments: Finance Surveys of State and Local Government Finances Response Rates (TQRR) (In percent) Item TQRR Revenue Expenditure Long-term debt at end of fiscal year Cash and security holdings Excludes insurance trust assets. CONTACT INFORMATION For additional information on state finances data, please visit <www.census.gov/govs/state/>. For additional information on local finances data, please visit <www.census.gov/govs/local/>. Please contact the Data User Outreach and Education offce at (toll free) or at with any inquiries about these data. 5 For more information, see <www2.census.gov/govs/pubs /classification/2006_classification_manual.pdf>. 6 U.S. Census Bureau

2009-10 STATE AND LOCAL GOVERNMENT TAX AND REVENUE RANKINGS By Jacek Cianciara Wisconsin Department of Revenue Division of Research and Policy December 12, 2012 TABLE OF CONTENTS Key Findings 3 Introduction

Annual Survey of Public Employment & Payroll Summary Report: 2013 Economy-Wide Statistics Briefs: Public Sector by Robert Jesse Willhide Released December 19, 2014 G13-ASPEP INTRODUCTION This report is

April 2015 1 REGIONAL QUARTERLY REPORT State Personal Income and More... In this report... Fourth-quarter 2014 state personal income statistics, page 1 Acknowledgments, page 3 Annual state personal income

THE CENTER FOR STATE AND LOCAL FINANCE JUNE 2015 Georgia s Ranking Among the States: Budget, Taxes, and Other Indicators IN COLLABORATION WITH ABOUT THE CENTER FOR STATE AND LOCAL FINANCE The (CSLF) mission

Government Subsidies for Retirement Plans Sponsored by Local Governments National Conference of State Legislatures, January 2010 In many states, city and county governments, independent school districts,

Employment and Earnings of Registered Nurses in 2010 Thursday, May 25, 2011 The Bureau of Labor Statistics (BLS) released 2010 occupational employment data on May 17, 2011. This document provides several

Total state and local business taxes State-by-state estimates for fiscal year 2012 The authors Andrew Phillips is a principal in the Quantitative Economics and Statistics group of Ernst & Young LLP and

Total state and local business taxes State-by-state estimates for fiscal year 2013 August 2014 The authors Andrew Phillips is a principal in the Quantitative Economics and Statistics (QUEST) practice of

AN INTRODUCTION TO LOCAL GOVERNMENT BUDGETS: A Guide for Planners Lincoln Institute of Land Policy Workshop on Curriculum for Graduate Planning Programs: The Nuts and Bolts of Development Finance Prepared

2003 Annual Survey of Government Employment Methodology The U.S. Census Bureau sponsors and conducts this annual survey of state and local governments as authorized by Title 13, United States Code, Section

The Unconventional Energy Revolution: Estimated Energy Savings for Public School Districts and State and Local Governments Prepared for: American Petroleum Institute Prepared by: IHS Global Inc. 1150 Connecticut

Revenues and Expenditures for Public Elementary and Secondary Education: School Year 2012 13 (Fiscal Year 2013) First Look NCES 2015-301 U.S. DEPARTMENT OF EDUCATION Revenues and Expenditures for Public

Total state and local business taxes State-by-state estimates for fiscal year 2014 October 2015 Executive summary This report presents detailed state-by-state estimates of the state and local taxes paid

State Higher Education Executive Officers Certificate Production and the Race toward Higher Degree Attainment December 2010 ----- A report from the State Higher Education Executive Officers utilizing the

NCES 2014-301 U.S. DEPARTMENT OF EDUCATION Revenues and Expenditures for Public Elementary and Secondary Education: School Year 2011 12 (Fiscal Year 2012) First Look Revenues and Expenditures for Public

BUSINESS DEVELOPMENT OUTCOMES Small Business Ownership Description Total number of employer firms and self-employment in the state per 100 people in the labor force, 2003. Explanation Business ownership

New York s Balance of Payments in the Federal Budget Federal Fiscal Year 2013 Deficit Surplus of $0 to $2,000 Surplus of $2,001 to $4,000 Surplus of $4,001 or more OFFICE OF THE NEW YORK STATE COMPTROLLER

Issue Brief How Does Illinois Spending on Public Services Compare to Other States? JANUARY, 2014 Recent projections show that the state of Illinois will run a deficit ranging from $7.59 to $7.96 billion

Education Program Beneficiaries Prepared by the National Center for Veterans Analysis and Statistics January 2014 Current VA Education Programs The Post-9/11 GI Bill - Chapter 33, sections 3301-3324, of

From Widening Deficits to Paying Down the Debt: Benefits for the American People August 4, 1999 Office of Economic Policy U.S. Department of Treasury From Widening Deficits to Paying Down the Debt: Benefits

1 2 Introduction The Public Accounts is a major accountability report of the Government of Yukon (the Government). The purpose of the financial statement discussion and analysis is to expand upon and explain

Changes in Self-Employment: 2010 to 2011 American Community Survey Briefs By China Layne Issued January 2013 ACSBR/11-21 INTRODUCTION From December 2007 to June 2009, the United States experienced an economic

Budget Introduction Proposed Budget INTRO - 1 INTRO - 2 Summary of the Budget and Accounting Structure The City of Beverly Hills uses the same basis for budgeting as for accounting. Governmental fund financial

CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE Percent 70 The Distribution of Household Income and Federal Taxes, 2008 and 2009 60 50 Before-Tax Income Federal Taxes Top 1 Percent 40 30 20 81st

WAGE REPORTS FOR WORKERS COVERED BY FEDERAL OLD-AGE INSURANCE IN 937 JOHN J. CORSON* 3 DURING 937 approximately 3 million men and women worked in employment covered by Federal old-age insurance. They received

Rankings & Estimates Rankings of the States 2012 and Estimates of School Statistics 2013 NEA RESEARCH DECEMBER 2012 This publication may also be downloaded from www.nea.org. Reproduction: No part of this

Venture Capital Tax Credits By State Alabama States Credit Amount Eligibility Notes Alaska Arizona Angel Investment Bill (Direct Tax Credit available for investments made after June 30, 2006, for tax years

City of Villa Rica The Mill Amphitheater in Villa Rica, GA Photo Credit: Michael Valentine CITY OF VILLA RICA, GEORGIA ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2015 CITY OF VILLA RICA, GEORGIA

Rankings & Estimates Rankings of the States 2009 and Estimates of School Statistics 2010 NEA RESEARCH DECEMBER 2009 A limited supply of complimentary copies of this publication are available from NEA Research

(8-4-2010) U.S. DEPARTMENT OF COMMERCE Economics and Statistics Administration U.S. CENSUS BUREAU 2014 ANNUAL SURVEY OF LOCAL GOVERNMENT FINANCES Special Agencies FORM F-32 (04/07/2014) OMB No. 0607-0585:

The Economic Impact of Local Parks An Examination of the Economic Impacts of Operations and Capital Spending on the United States Economy Executive Summary National Recreation and Park Association 1 Table

Page 1 of 7 Auto Insurance AAA s 2010 Your Driving Costs study found that the average cost to own and operate a sedan rose by 4.8 percent to $8,487 per year, compared with the previous year. Rising fuel,

COMPARE NEBRASKA S BUSINESS CLIMATE TO OTHER STATES Selected Business Costs for Each State Workers Compensation Rates Unemployment Insurance Costs Electricity Rates Gas Rates Average Hourly Earnings in

SURVEY OF CUEEENT BUSINESS 11 by Karl O. Nygaard State and Local Government Receipt and Expenditure Programs local governments, in rendering a host of vital services, exercise important direct and indirect

United States Government Accountability Office Washington, DC 20548 September 2, 2010 The Honorable John Lewis Chairman Subcommittee on Oversight Committee on Ways and Means House of Representatives Subject:

The Economic Impact of Local Parks An Examination of the Economic Impacts of Operations and Capital Spending on the United States Economy Executive Summary National Recreation and Park Assocation 1 Table

Financial State of the States September 2015 EXECUTIVE SUMMARY For the sixth consecutive year, Truth in Accounting (TIA) has completed a comprehensive review of the financial reports of all 50 states to

BUDGET & TAX POLICY INITIATIVE SPECIAL REPORT A publication of May 2002 Voices for Illinois Children ILLINOIS SPENDING IN PERSPECTIVE: THE CHALLENGE OF MEETING NEEDS IN A LOW-TAX STATE This special report

City of Missoula Debt Management Debt in a governmental entity is an effective financial management tool. Active debt management provides fiscal advantages to the City of Missoula and its citizens. Debt

12-1 CHAPTER XII DOUBLE ENTRY ACCOUNTING SYSTEM SECTION A - ACCOUNTING BASIS The accounting basis for recording transactions will vary according to the purpose for which each fund is established. Generally,

AMENDMENT TO COMMISSION SCHEDULES This Amendment to Commission Schedules ( Amendment ) between You (and/or) Your and Life Insurance Company of the Southwest ( Company ) amends all annuity Commission Schedules

The High Cost of Low Graduation Rates: How Much Does Dropping Out of College Really Cost? Mark Schneider Vice President AIR Lu (Michelle) Yin Researcher AIR August 2011 www.air.org Contents Executive Summary...........................................................

FISCAL YEAR 2013 REPORT TO THE CONGRESS U.S. Government Receivables and Debt Collection Activities of Federal Agencies Department of the Treasury July 2014 department of the treasury washington, dc office

Chapter 3: Promoting Financial Self- Sufficiency For most people, financial self-sufficiency is achieved through a combination of employment earnings and savings. Labor markets derived from the products

118 The Condition of Education 2012 APPENDIX A Tables Appendix A Tables 119 Indicator 1 Enrollment Trends by Age Table A-1-1. Percentage of the population ages 3 34 enrolled in school, by age group: October

Chapter 1: Overview of the Auto and RV Dealership Industry A macro overview of a company's industry and the economy are critical starting points for any valuation analysis. In many cases, the automotive

State and Local Government Defined Benefit Pension Plans: Estimates of Liabilities and Employer Normal Costs by State, 2000-2011 David G. Lenze Bureau of Economic Analysis, Washington D.C. December 2013

Statement for the Record Of Dave Koenig, Vice President, Tax and Profitability, National Restaurant Association For The Hearing On Pro-Growth Tax Policy: Why Small Businesses Need Individual Tax Reform

NORTH DAKOTA UNIVERSITY SYSTEM FINANCIAL REVIEW Fiscal Year Ending 2013 (with trends since FY2010) March 2014 As with any large business organization governed by a board, it is essential that the board

This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Commercial Bank Activities in Urban Mortgage Financing Volume Author/Editor: Carl F Behrens

School Readiness: High-Quality Early Learning Head Start $10.5 $9.5 $10.1 +$1.5 +17.7% $8.5 $7.5 +$2.1 +27.0% $6.5 for fiscal year 2010 Included in the budget is $1.078 billion to ensure that every Head

NOTICE OF PROTECTION PROVIDED BY This notice provides a brief summary of the [STATE] Life and Health Insurance Guaranty Association (the Association) and the protection it provides for policyholders. This